Omgeo, the global standard for post-trade efficiency, today announced that UBS, one of the world's leading financial firms, has gone live on Omgeo Central Trade Manager (Omgeo CTM), its central matching platform for equities, fixed income, exchange traded derivatives and foreign exchange.
UBS is the first client globally to take advantage of Omgeo CTM's new "event based push" technology, making broker/dealers and investment managers proactively aware of any changes to their trade details or statuses that may impact trade processing.
UBS' move from local to central matching - which allows firms to focus on exceptions or potential problems with a trade - significantly improves Same Day Affirmation (SDA) rates and productivity. UBS Australia is currently testing the technology with multiple buy-side counterparts and plans to roll central matching out to all of its international broker/dealer arms during the course of the year.
"Recent economic events have put increased pressure on firms in terms of transparency, risk management and competitiveness. UBS has been an Omgeo client for many years and we value them greatly for their vision and drive. Automation is an important enabler of efficient trade processing, while at the same time mitigating operational risk, which is crucial in this post-crisis environment," commented Steve Matthews, Managing Director of Product at Omgeo.
"We remain committed to bringing solutions to the market that meet the local and global needs of our clients. It is therefore rewarding to see a global firm like UBS embrace automation wholeheartedly on an international level. I am thrilled to see UBS use Omgeo CTM and our new push functionality", added Tim Keady, Managing Director of Sales at Omgeo.
Omgeo began migrating its large broker/dealer community from its legacy system Omgeo OASYS Global to Omgeo CTM in 2009 as part of a multi-year program to streamline its services, with currently 10 brokers and 474 Investment Managers and Hedge Funds live on its global central matching engine. The brand new Omgeo CTM event based push functionality allows broker/dealers and investment managers, who utilize a direct XML interface, to have events, trade information and statuses "pushed" to them, alleviating the need to continuously query the Omgeo CTM host for updated trade status information.